Spain will become the fourth country to receive a European bailout as they request the 100 billion euro offer made by European officials this past weekend to rescue the Spanish banking system. The bailout, if the full 100 billion euro loan is requested, brings the total of the bailouts to Portugal, Ireland, Greece, and now Spain—often collectively referred to in the media by the derogatory acronym “PIGS” — to about 400 billion euros. While Spain is not in the same degree of fiscal distress as the other bailout countries, any contagion to Spain is of concern, since Spain’s outstanding government debt is roughly the size of Greece, Portugal, and Ireland combined.